Trojan Nickel Mine requires US$60 million over the next five years for the ongoing mine development programme that has seen operations being resuscitated.
Trojan Nickel Mine is a subsidiary of Victoria Falls Stock Exchange-listed Bindura Nickel Corporation (BNC).
BNC managing director Engineer Thomas Lusiyano said since the acquisition of BNC acquisition by Kuvimba Mining House (KMH), US$12 million is being invested into the project annually.
Speaking in an interview with The Sunday Mail following a recent media tour of Trojan Mine in Bindura, organised by KMH, Luyisano said:
The bulk of that investment has been going towards procurement of underground mining equipment and development.
Over the next five years, we would need approximately US$60 million for Trojan Nickel Mine.
The bulk of that investment is going to go into two areas: Firstly, the continuous acquisition and upgrading of underground mining mobile equipment. Secondly, for us to undertake capital development that is going to unlock new areas for mining.
KMH has acquired some other mines across the country, including Shamva Gold Mine, Sandawana, Elvington, Jena and Great Dyke Investments.
It has also bought a brand-new exploration rig worth US$1 million as well as long-haul dumps, production rigs and support rigs.
In 2021, KMH paid a US$5.2 million dividend to Government and other local shareholders.
Luyisano added that Trojan Nickel Mine will focus on capital development to unlock areas for production, and this will require US$60 million over the next five years.
In the past, the company produced low-volume high-grade resources, which made up only 3% of the deposit. This resulted in the mine using only 40% of its installed capacity. The company is now seeking to transition to fully utilize 100% of the installed capacity, which is one million tonnes of ore processed per annum.
He said by the end of the 2024 financial year, Trojan would have completely transitioned to a high-volume low-grade mine using the installed capacity, both underground and in the concentrator on the surface.
Nickel is one of the key components used in the manufacture of batteries for electric vehicles (EVs) – cars, buses, and trucks that run on electricity stored in batteries or supplied by a charging station, instead of using gasoline or diesel.
EVs are becoming more popular due to advancements in battery technology, more charging stations, and incentives to promote low-emission vehicles.